DEED OF USUFRUCT

KNOW ALL MEN BY THESE PRESENTS:

This DEED is executed by and between:

_______ a domestic corporation duly registered under

Philippine law, hereinafter referred to as the OWNER and
represented by its Corporate Secretary under Board Resolution No.
_______, attached as Annex A;

and

____________________C., a domestic corporation duly

registered under Philippine laws, _______________________ Grove,
Salitran IV, Dasmarinas, Cavite, hereinafter referred to as the
USUFRUCTUARY, represented by its Corporate Secretary under
Board Resolution No. _______, attached as Annex B.

WITNESSETH:

WHEREAS, the OWNER is the registered owner of that parcel

of land containing an aggregate area of
_________________________(______) square meter portion of
____________________ covered by _____________________ situated at
___________________________________;

WHEREAS, USUFRUCTUARY is a corporation which is

operating a _______ in ______________________;

WHEREAS, as an expression of generosity and benevolence

to the USUFRUCTUARY, the OWNER hereby offers the full use and
enjoyment of the said property to the USUFRUCTUARY for fifty (50)
years;

WHEREAS, the USUFRUCTUARY accepts the above-stated

offer of the OWNER with gratitude and deep appreciation;

WHEREAS, the OWNER binds itself never to intervene in the

maintenance of the said property during the existence of the
USUFRUCT Agreement;

WHEREAS, the OWNER likewise binds itself not to deprive

the USUFRUCTUARY of the full use and enjoyment of the property
while the USUFRUCT Agreement is subsisting.

Page 1 of 4
 NOW, THEREFORE, for and in consideration of the foregoing
premises and of the mutual covenants hereinafter contained, the
parties hereby agree to the following terms and conditions:

1. TERM- The term of the usufruct shall be for fifty (50) years
upon execution of this agreement. The USUFRUCTUARY is hereby
given the right and privilege to use and _______________ College.

2. OWNERSHIP - while the usufruct and/ or the beneficial

use of the SITE is transferred to USUFRUCTUARY, the ownership
and title of the SITE remains with and continues to be in the name
of the OWNER. Upon the termination of this agreement,
improvements, including, but not limited to the house, on the site
shall accrue to the OWNER;

3. INTRODUCTION OF INFRASTRUCTURES, FACILITIES

AND IMPROVEMENTS. - the USUFRUCT shall provide, introduce
and/ or maintain proper infrastructures, facilities and
improvements at her expense, including, but not limited to the
construction of house, gate, electricity, communication and water
facility, and others, that shall make the SITE sustainable and
viable for the USUFRUCTUARY, subject to the concurrence of the
OWNER. Upon the termination of the usufruct, all improvements to
the property introduced and/or caused by the USUFRUCTUARY
shall automatically be transferred in the name of the OWNER who
shall then have full ownership, enjoyment and use of the said
improvements/structures.

4. MAINTENANCE OF CLEANLINESS AND PEACE AND

ORDER- the USUFRUCTUARY shall be responsible for maintaining
the cleanliness and peace and order in the area in usufruct;

5. UTILITIES (ELECTRICITY, WATER, PHONE), CABLE TV

DUES- The fees for utilities such as electricity and water as well
as landline and cable TV connection, if any, shall all be for the
account of the USUFRUCTUARY.

6. EDUCATIONAL PURPOSE ONLY – The subject premises

shall be used for the school location only and other related
businesses and for no other purpose;

7. PAYMENT OF TAXES – real property taxes shall be

shouldered and paid on time by the OWNER.

8. OTHER TERMS AND CONDITIONS:

8.1 The USUFRUCTUARY, upon proper coordination with the

OWNER, may introduce other structures, facilities and/ or
improvements that may be necessary for the proper and beneficial
use of the SITE;

Page 2 of 4
 8.3 The USUFRUCTUARY shall construct and maintain the
property in accordance with local ordinance and/ or national laws
on environmental safety, maintenance and preservation;

8.4 The USUFRUCTUARY undertakes that it shall, in no way,

bring forth improvements that shall hinder the free ingress and
egress of the OWNER in the premises, nor shall it make
improvements that shall encroach outside the premises allotted to
herein USUFRUCTUARY.

IN WITNESS WHEREOF, the parties have set their hands this

____ day of _______________ at _____________________.

_______________________ _______________________
OWNER USUFRUCTUARY

Signed in the presence of:

_______________________ _______________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

________________________________ ) SS.

BEFORE ME, a Notary Public, this ____________day of

________________, personally appeared the following:

Name Number Date/Place Issued

1.
2.
3.

known to me and to me known to be the persons who executed this

Agreement consisting of FOUR (4) pages including the page on
which this acknowledgment is written, has been signed on the left
margin of each and every page thereof by the concerned parties and
their witnesses, and sealed with my notarial seal.
Page 3 of 4
 IN WITNESS WHEREOF, I have hereunto set my hand in the
day, year and place above written.

Notary Public
Doc. No. ........;
Page No. .......;
Book No. .......;
Series of 20___.

Page 4 of 4